Verdict Returned in Coleman vs. Fleetwood Folding Trailers Case
December 16 2004 - 7:25PM
PR Newswire (US)
Verdict Returned in Coleman vs. Fleetwood Folding Trailers Case
RIVERSIDE, Calif., Dec. 16 /PRNewswire-FirstCall/ -- Fleetwood
Enterprises, Inc. (NYSE:FLE), announced that the jury in the case
between Fleetwood Folding Trailers, Inc. and The Coleman Company,
Inc., today awarded monetary damages for Coleman in the amount of
$5.2 million. The judge has the legal right to add punitive
damages. A hearing on that issue is not expected until early
January. The original lawsuits included a claim by Fleetwood
Enterprises, Inc. based on a "negative covenant," contained in
Fleetwood's 1989 purchase agreement with Coleman. That claim was
resolved in Fleetwood's favor last month, when the judge granted
Fleetwood's request for a permanent injunction against Coleman
prohibiting Coleman from licensing the Coleman name in the
recreational vehicle industry. Today's decision does not affect
Fleetwood's victory in that portion of the case. "We are obviously
disappointed with the jury's findings in this case, and we will
begin considering our post-trial remedies immediately, which may
include a motion for a new trial and an appeal," said Edward B.
Caudill, President and Chief Executive Officer. "Nonetheless, the
principal issue in this case in Fleetwood's estimation has always
been that, if the Coleman name is going to be licensed in the RV
industry, it must be with Fleetwood, and so we continue to be
gratified with the judge's ruling in our favor on that issue."
About Fleetwood Fleetwood Enterprises, Inc., is one of the nation's
largest producers of recreational vehicles, from motor homes to
travel and folding trailers, and is a leader in the building,
retailing and financing of manufactured homes. This Fortune 1000
company, headquartered in Riverside, Calif., is dedicated to
providing quality, innovative products that offer exceptional value
to its customers. Fleetwood operates facilities strategically
located throughout the nation, including recreational vehicle and
manufactured housing plants, retail home centers, and supply
subsidiary plants. For more information, visit the Company's
website at http://www.fleetwood.com/. This press release contains
certain forward-looking statements and information based on the
beliefs of Fleetwood's management as well as assumptions made by,
and information currently available to, Fleetwood's management.
Such statements reflect the current views of Fleetwood with respect
to future events and are subject to certain risks, uncertainties,
and assumptions, including risk factors identified in Fleetwood's
10-K and other SEC filings. These risks and uncertainties include,
without limitation, the cyclical nature of both the manufactured
housing and recreational vehicle industries; ongoing weakness in
the manufactured housing market; continued acceptance of the
Company's products; the potential impact on demand for Fleetwood's
products as a result of changes in consumer confidence levels; the
effect of global tensions on consumer confidence; expenses and
uncertainties associated with the introduction and manufacturing of
new products; the future availability of manufactured housing
retail financing, as well as housing and RV wholesale financing;
exposure to interest rate and market changes affecting certain of
the Company's assets and liabilities; availability and pricing of
raw materials; changes in retail inventory levels in the
manufactured housing and recreational vehicle industries;
competitive pricing pressures; the ability to attract and retain
quality dealers, executive officers and other personnel; and the
Company's ability to obtain financing needed in order to execute
its business strategies. For further information please contact:
Lyle Larkin, Vice President & Treasurer, +1-951-351-3535, or
Kathy A. Munson, Director - Investor Relations, +1-951-351-3650,
both of Fleetwood Enterprises, Inc. DATASOURCE: Fleetwood
Enterprises, Inc. CONTACT: Lyle Larkin, Vice President &
Treasurer, +1-951-351-3535, or Kathy A. Munson, Director - Investor
Relations, +1-951-351-3650, both of Fleetwood Enterprises, Inc. Web
site: http://www.fleetwood.com/
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